TikTok competitor Reddit buys Dubsmash

And Reddit said in a statement on Sunday that it acquired Tik Tok DebsMash competitor. It did not disclose the financial terms of the deal.

Dubsmash allows users to create and share video content, and is especially popular with the young and diverse audiences. About 25% of black teens in the United States use the app. Women make up 70% of Dubsmash users, and nearly 30% of users log in daily, according to Reddit.

New York based platform offers more than 1,000,000,000 Watch video times a month, reddit added.

The three Dubsmash founders, Suchit Dash, Jonas Drüppel and Tim Specht, will immediately join Reddit. While Dubsmash will maintain its own platform and brand, its video creation tools will be integrated into Reddit, which is best known for its free message boards.

Reddit co-founder Alexis Ohanian has resigned from board and is urged to take the seat with a black candidate

Reddit has allowed users to upload and share their videos since 2017, and the sector has grown rapidly. The number of videos posted on the platform doubled in 2020, according to the company.

“We are excited to accelerate Reddit’s focus on video, bringing our tools and technology to an enthusiastic and rapidly growing user base and launching new forms of creativity,” Dubsmash founders said in a statement.

Social media platforms have invested heavily in recent years in short videos, driven by the success of TikTok and Snapchat. FB (FB) Instagram and Google (GOOGL) YouTube launched its own products designed to compete with TikTok.

Thelma Binder

"Explorer. Devoted travel specialist. Web expert. Organizer. Social media geek. Coffee enthusiast. Extreme troublemaker. Food trailblazer. Total bacon buff."

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